Clarence Page | If Motor City can come back, any city can

7:04 PM,
Jul. 29, 2013

Written by

Clarence Page

We who live in other cities ask what drove Detroit into bankruptcy. What we really want to know is whether it could happen to us.

Since 2010, five other cities and two counties, plus almost 30 special districts such as utility authorities have filed for bankruptcy, according the Detroit News.

Days before Detroit became the biggest city to file for chapter 9 bankruptcy protection, Moody's Investors Service downgraded Chicago's credit score three notches from Aa3 to A3 because of the city's pension problems - a major factor in Detroit's financial woes. ...